Word: glut
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Last week the Commerce Department reported that inventories swelled at the precarious rate of $16.4 billion a year during the final quarter of 1966, thus breaking a record set during the Korean War. The resulting $135 billion inventory stockpile already is forcing manufacturers to cut production to avoid a glut of unsold autos, appliances and television sets...
There are other hazards to the glit glut. Manhattan jet-set Travel Agent Susan Stein recalls with a shudder the time recently when her sequined dress got tangled in the sequins belonging to Marie Edith Legendre, the French consul general's wife. "I took a small loss at my hem," says Susan, "because I thought her whole dress might unravel." More serious still, there are signs that all the glitter is leading to snow blindness. Snaps the Boston Globe's Marjorie Sherman: "Frankly, I don't think I'm going to put any glitter...
...twelve years since the U.S. began dumping its awkward farm surpluses overseas on semi-giveaway terms, so much of the glut has disappeared that now the nation must try to expand farm output after 33 years of curbing it. Twice this year, Washington has increased its price supports for dairy products, and it is now asking farmers to plant 10% more rice, 15% more wheat. For lack of grain to store, Cargill, Inc. last month closed its largest elevator in Buffalo. With India consuming a quarter of the U.S. wheat crop this year, as against a fifth last year...
Solomon's Wives. To cope with this sewage glut and salvage Tahoe from pollution required the harnessing of stubborn private interests, bickering bureaucrats, and jurisdictional factionalists. To indicate the prickly enormity of the problem, Tahoe is administered not only by the two states (California and Nevada) whose border virtually bisects the lake, but also by five counties and 64 governmental agencies. Last week, as if all of Solomon's wives had for once displayed the wisdom of Solomon, these groups agreed on a simple solution that by 1970 will forever end the threat of pollution at Lake Tahoe...
...greatest in Southern California, housing's No. 1 market. Lytton Financial Corp. has fired 70 employees and, like several other big S & Ls in the Los Angeles area, stopped accepting new loan applications. That could prove a blessing in disguise, because the 14-county area suffers from a glut of 80,000 unsold new homes and vacant apartments-a year's supply. As a consequence, while California S & Ls have a manageable 5% of their assets tied up in such money losers as delinquent loans and foreclosed property, a few have a dangerously high...